Monday , June 14 2021
Home / Video / News Review Economic growth of 19 member bloc slows in Q2

News Review Economic growth of 19 member bloc slows in Q2

Summary:
This is an interview in Press TV News (Stavros Mavroudeas & Steve Keen) on the recent turmoil in financial markets and the ominous signs of a coming new recession in the world economy. With Stev Keen we aggreed that the gist of the matter are the unresolved causes of the 2008 crisis. However, we disaggreed on its causes (Steve attributing it to deficient demand and private debt, me emphasising the falling profitability). We also disaggreed on the subsequent measures used to surpass the 2008 crisis. Steve argued that Quantitative Easing is working, that public deficits do not matter and that the premature withdrawal of QE leads to the current turmoil. I argued that QE is not a remedy to falling profitability and problems in real accumulation. It alleviates part of the private debt but it

Topics:
Stavros Mavroudeas considers the following as important:

This could be interesting, too:

Dan Crawford writes Weekly Indicators for June 7 – 11 at Seeking Alpha

NewDealdemocrat writes The spike in inflation is not a concern – yet

John Quiggin writes Monday Message Board

Mike Norman writes While many people have a ‘vivid’ mind’s eye, others have none at all

This is an interview in Press TV News (Stavros Mavroudeas & Steve Keen) on the recent turmoil in financial markets and the ominous signs of a coming new recession in the world economy. With Stev Keen we aggreed that the gist of the matter are the unresolved causes of the 2008 crisis. However, we disaggreed on its causes (Steve attributing it to deficient demand and private debt, me emphasising the falling profitability). We also disaggreed on the subsequent measures used to surpass the 2008 crisis. Steve argued that Quantitative Easing is working, that public deficits do not matter and that the premature withdrawal of QE leads to the current turmoil. I argued that QE is not a remedy to falling profitability and problems in real accumulation. It alleviates part of the private debt but it cannot generate a recovery as profit rate falters. I also argued that public deficit matters as it becomes unsustainable and a burden to capital accumulation. More generally, I argued that when the real economy if ill (in marxist terms meaning a falling profitability) then monetary means cannot solve, in the long-run, the problem. Overall, this exchang is indicative on the differences between the Marxist and the post-Keynesian analysis.
Stavros Mavroudeas
He is currently Professor of Political Economy at the Department of Social Policy of Panteion University. He was previously Professor of Political Economy at the Department of Economics of the University of Macedonia. He studied at the Economics Department of the National Kapodistriakon University of Athens, from where he received his BA Economics (1985 - First Class Honours).

Leave a Reply

Your email address will not be published. Required fields are marked *